Khazanah Nasional Berhard will merge Bank Niaga Tbk and Bank Lippo Tbk.
has had two options on PT Bank Niaga Tbk and PT Bank Lippo Tbk to deal with Bank Indonesia single presence policy. CIMB controls 64.19% shares of Bank Niaga and Khazanah controls 93.6% shares of Bank Lippo. CIMB is the unit of Khazanah controlling Bank Niaga.
Tuesday, December 25, 2007
Ical The Richest
Aburizal Bakrie has topped this year’s Indonesia Rich List published by Forbes Asia. Bakrie, who is Indonesia’s Coordinating Minister for People’sWelfare, runs the family-held Bakrie group with interests in infrastructure, property andtelecom. His net worth rose to US$5.4 billion from $1.2 billion last year, when he was rankedsixth in the inaugural list.
Second place is held by last year’s richest Indonesian, Sukanto Tanoto, owner ofApril, one of Asia’s largest pulp and paper makers. He also owns Asian Agri, amongIndonesia’s five largest palm oil producers. Tanoto’s net worth jumped to $4.7 billion from$2.8 billion last year, but this was not enough to match Bakrie’s gains.
The Indonesia Rich List, like the ten other Asia rich lists published by Forbes Asia,illustrates the big gains Asian tycoons are making this year. Overall, the combined net worthof those on the Forbes Asia rich lists rose to $938 billion from $575 billion last year, thankslargely to strong equities and real estate markets, as well as a weak dollar.
The 40 richest Indonesians added $18 billion to their combined wealth this year,bringing it to $40 billion. A minimum net worth of $120 million was needed to make the list,up from $80 million last year. The country now boasts 11 billionaires, four more than lastyear, and one more than in 1996, just before the Asian financial crisis.
Of the 10 billionaires in 1996, only the Hartono brothers, R. Budi and Michael, havenet worths today exceeding pre-financial crisis levels, when their joint wealth was $1.6billion. Their net worths, combined under R. Budi & family last year, have now been splitbased on more detailed information on their holdings. They are now valued at $3.14 and$3.08 billion respectively, good for third and fourth places on the list. The split also makesMichael Hartono one of four new billionaires this year.
Another addition to the billion dollar club is Martua Sitorus. Ranked number seven,his net worth increased to $2.1 billion from $475 million last year. Sitorus co-foundedagribusiness Wilmar International with nephew of Malaysia’s richest man, Robert Kuok. Hesigned the $4 billion merger agreement with Kuok’s plantation group in December 2006,resulting in the world’s largest palm oil processor. The stock has more than doubled since.
The other two new billionaires are Peter Sondakh ($1.45 billion, No. 9), and AnthoniSalim ($1.3 billion, No. 11). Of the top 40 this year, the wealth of 30 increased, the net worth of six slipped, onewas unchanged, and there were three newcomers. The highest new entrant is
HaryTanoesoedibjo, worth $815 million at number 15. His Bhakti Investama group has interests inmedia and telecommunications, and will be launching new airline Eagle Air in the next sixmonths.
Another newcomer is Soegiarto Adikoesoemo, worth $310 million and rankednumber 26. Soegiarto and his son Haryanto run chemical distributor AKR Corporindo, alsoAsia-Pacific’s largest maker of sorbitol. Their move into logistics, petroleum distribution andcassava plantations has helped triple the company’s value in the past year.
Also a new face on the list is Bambang Trihatmodjo, second son of former presidentSuharto. At number 33, his wealth is estimated to be $200 million. Bambang owns 13% ofmedia conglomerate Global Mediacom, which he founded as Bimantara in 1981, undoubtedlyhelped along by his father’s connections.
The only woman to make the list is Kartini Muljadi, worth $260 million and rankednumber 28. The former judge took over drugmaker Tempo Scan in 1982.
The top 10 richest in Indonesia are:1) Aburizal Bakrie & family; US$5.4 billion2) Sukanto Tanoto; $4.7 billion3) R. Budi Hartono; $3.14 billion4) Michael Hartono; $3.08 billion5) Eka Tjipta Widjaja & family; $2.8 billion6) Putera Sampoerna & family; $2.2 billion7) Martua Sitorus; $2.1 billion8) Rachman Halim & family; $1.6 billion9) Peter Sondakh; $1.45 billion10) Eddy William Katuari & family; $1.39 billion.
To compile the list, Forbes Asia calculated net worths using November 30 stockprices and exchange rates. Privately held companies were valued by comparing them withsimilar publicly traded companies. Any fortune not wholly owned by an individual is denotedwith “& family”. Unlike the Forbes billionaires list, this ranking has been broadened toinclude family fortunes.
Second place is held by last year’s richest Indonesian, Sukanto Tanoto, owner ofApril, one of Asia’s largest pulp and paper makers. He also owns Asian Agri, amongIndonesia’s five largest palm oil producers. Tanoto’s net worth jumped to $4.7 billion from$2.8 billion last year, but this was not enough to match Bakrie’s gains.
The Indonesia Rich List, like the ten other Asia rich lists published by Forbes Asia,illustrates the big gains Asian tycoons are making this year. Overall, the combined net worthof those on the Forbes Asia rich lists rose to $938 billion from $575 billion last year, thankslargely to strong equities and real estate markets, as well as a weak dollar.
The 40 richest Indonesians added $18 billion to their combined wealth this year,bringing it to $40 billion. A minimum net worth of $120 million was needed to make the list,up from $80 million last year. The country now boasts 11 billionaires, four more than lastyear, and one more than in 1996, just before the Asian financial crisis.
Of the 10 billionaires in 1996, only the Hartono brothers, R. Budi and Michael, havenet worths today exceeding pre-financial crisis levels, when their joint wealth was $1.6billion. Their net worths, combined under R. Budi & family last year, have now been splitbased on more detailed information on their holdings. They are now valued at $3.14 and$3.08 billion respectively, good for third and fourth places on the list. The split also makesMichael Hartono one of four new billionaires this year.
Another addition to the billion dollar club is Martua Sitorus. Ranked number seven,his net worth increased to $2.1 billion from $475 million last year. Sitorus co-foundedagribusiness Wilmar International with nephew of Malaysia’s richest man, Robert Kuok. Hesigned the $4 billion merger agreement with Kuok’s plantation group in December 2006,resulting in the world’s largest palm oil processor. The stock has more than doubled since.
The other two new billionaires are Peter Sondakh ($1.45 billion, No. 9), and AnthoniSalim ($1.3 billion, No. 11). Of the top 40 this year, the wealth of 30 increased, the net worth of six slipped, onewas unchanged, and there were three newcomers. The highest new entrant is
HaryTanoesoedibjo, worth $815 million at number 15. His Bhakti Investama group has interests inmedia and telecommunications, and will be launching new airline Eagle Air in the next sixmonths.
Another newcomer is Soegiarto Adikoesoemo, worth $310 million and rankednumber 26. Soegiarto and his son Haryanto run chemical distributor AKR Corporindo, alsoAsia-Pacific’s largest maker of sorbitol. Their move into logistics, petroleum distribution andcassava plantations has helped triple the company’s value in the past year.
Also a new face on the list is Bambang Trihatmodjo, second son of former presidentSuharto. At number 33, his wealth is estimated to be $200 million. Bambang owns 13% ofmedia conglomerate Global Mediacom, which he founded as Bimantara in 1981, undoubtedlyhelped along by his father’s connections.
The only woman to make the list is Kartini Muljadi, worth $260 million and rankednumber 28. The former judge took over drugmaker Tempo Scan in 1982.
The top 10 richest in Indonesia are:1) Aburizal Bakrie & family; US$5.4 billion2) Sukanto Tanoto; $4.7 billion3) R. Budi Hartono; $3.14 billion4) Michael Hartono; $3.08 billion5) Eka Tjipta Widjaja & family; $2.8 billion6) Putera Sampoerna & family; $2.2 billion7) Martua Sitorus; $2.1 billion8) Rachman Halim & family; $1.6 billion9) Peter Sondakh; $1.45 billion10) Eddy William Katuari & family; $1.39 billion.
To compile the list, Forbes Asia calculated net worths using November 30 stockprices and exchange rates. Privately held companies were valued by comparing them withsimilar publicly traded companies. Any fortune not wholly owned by an individual is denotedwith “& family”. Unlike the Forbes billionaires list, this ranking has been broadened toinclude family fortunes.
Bakrie What Next ?
PT Bakrie & Brothers Tbk has planned to reorganize all the units as the company has planned to jump into energy and mining to strengthen the existing businesses of telecommunication, plantation and infrastructure.
In this regard it is possible for the company to arrange rights issue.
The President Director of Bakrie & Brothers Bobby Gafur Umar said the company is drafting its blueprint. "We will announce the blueprint in January," he said last week.
He said the company will review its rights issue plan in the first quarter of next year. "We see the opportunity to conduct rights issue but the market is unfavorable. We will review the plan."
Last year the company has planned to sell US$300 million bonds but the plan was cancelled on the unfavorable market.
Bobby said the company has been considering some new businesses "to strengthen the existing three businesses."
He also confirmed the company will pay some dividend for 2007 profit. "We want the shareholders to approve that, at least at the same percentage."
Bakrie & Brothers has planned to pay the dividend of IDR21.55 billion or 10% to the net profit of 2006 as much as IDR215 billion. But the Capital Market and Financial Institution Supervisory Board (Bapepam LK) has rejected the plan as it would violate Limited Liability Company Law.
In this regard it is possible for the company to arrange rights issue.
The President Director of Bakrie & Brothers Bobby Gafur Umar said the company is drafting its blueprint. "We will announce the blueprint in January," he said last week.
He said the company will review its rights issue plan in the first quarter of next year. "We see the opportunity to conduct rights issue but the market is unfavorable. We will review the plan."
Last year the company has planned to sell US$300 million bonds but the plan was cancelled on the unfavorable market.
Bobby said the company has been considering some new businesses "to strengthen the existing three businesses."
He also confirmed the company will pay some dividend for 2007 profit. "We want the shareholders to approve that, at least at the same percentage."
Bakrie & Brothers has planned to pay the dividend of IDR21.55 billion or 10% to the net profit of 2006 as much as IDR215 billion. But the Capital Market and Financial Institution Supervisory Board (Bapepam LK) has rejected the plan as it would violate Limited Liability Company Law.
Sunday, December 16, 2007
Shareholders Reject Bonus Proposal for PGN Directors
The extraordinary general meeting of shareholders (EGMS) of the state gas distribution company PT PGN has rejected the proposal to pay some bonus to the pensioned directors, but it approved IDR900-million bonus proposal for independent commissioner.
The government, the controlling shareholder, has rejected the bonus proposal. Bonus proposal is among the subject to discuss in the EGMS yesterday. The meeting also discussed the salary for the directors and commissioners in 2007.
In the EGMS of June 6 2006 the shareholders have approved the bonus proposal of IDR6.94 billion, representing 0.81% of the net profit of 2005 as much as IDR862 billion.
Part of Grissik-Singapore undersea gas transmission pipeline operated by PT Transportasi Gas Indonesia (Transgasindo), a subsidiary of state gas company PGN, is buckled and suspected to crack. The repair work is estimated to require IDR703 billion to realize.
The crack in Kuala Tungkal-Panaran transmission pipeline on kilometer 110-133 is worried to pose huge safety risk and supply shortage threats. The buckles are found by PT Denvegraha during its inspection.
The indications of the damages were actually identified a moment after the commissioning of the pipeline in October 2003. Later, a follow-up monitoring by Transgasindo in 2005 found 18 dimensional buckles.
The government, the controlling shareholder, has rejected the bonus proposal. Bonus proposal is among the subject to discuss in the EGMS yesterday. The meeting also discussed the salary for the directors and commissioners in 2007.
In the EGMS of June 6 2006 the shareholders have approved the bonus proposal of IDR6.94 billion, representing 0.81% of the net profit of 2005 as much as IDR862 billion.
Part of Grissik-Singapore undersea gas transmission pipeline operated by PT Transportasi Gas Indonesia (Transgasindo), a subsidiary of state gas company PGN, is buckled and suspected to crack. The repair work is estimated to require IDR703 billion to realize.
The crack in Kuala Tungkal-Panaran transmission pipeline on kilometer 110-133 is worried to pose huge safety risk and supply shortage threats. The buckles are found by PT Denvegraha during its inspection.
The indications of the damages were actually identified a moment after the commissioning of the pipeline in October 2003. Later, a follow-up monitoring by Transgasindo in 2005 found 18 dimensional buckles.
Bormindo will get Apexindo ???
PT Bormindo Nusantara has more opportunity to win the battle to take over 51.4% shares of Apexindo Pratama Duta of Medco Energi Internasional even though it bid the price at only IDR2,425 per stock, lower than the bid of Abacus Capital at IDR2,450.
The closing transaction should be next year. Two investors, Abacus Capital and PT Bormindo Nusantara, are competing to get controlling stocks of Apexindo as Texas Pacific Group and PT Recapital Investment Bank have lost their opportunity.
Medco insist that the price must be IDR2,700 but analyst said it has been too high
The closing transaction should be next year. Two investors, Abacus Capital and PT Bormindo Nusantara, are competing to get controlling stocks of Apexindo as Texas Pacific Group and PT Recapital Investment Bank have lost their opportunity.
Medco insist that the price must be IDR2,700 but analyst said it has been too high
BII-Danamon to Merge
The merger of BII and Bank Danamon is getting close to reality following Temasek Holdings Pte Ltd's announcement-through Fullerton Financial Holdings Pte Ltd-that merger was one of the preferred options.
Fullerton as the holder of the majority stake in BII had informed its plan to adjust the ownership structure-in the wake of the application of the single presence policy-to the central bank (BI).
One of Fullerton's preferred options is to merge BII and Bank Danamon once follow-up evaluations are completed and permissions from the related institutions issued. After the due diligence process is finished, Fullerton will be able to evaluate whether it should merge BII and Danamon or whether it should divest its stake in BII.
If selling its stake in BII is more profitable than merger, Fullerton will choose the former. The leader of Sorak Financial consortium stated it could at any time take necessary measures to facilitate the sales.
Once the authority gives its approval, Fullerton can implement the option chosen by the end of December 2010 as required in the single presence policy. BII is currently owned by Sorak Financial Holding Pte Ltd (55.89%), Citibank Singapore (6.04%), UBS AG London (6.57%), and the public (less than 5%). BII is the sixth largest bank in Indonesia and until September 2007 had booked IDR53.8 trillion in assets.
Temasek Holdings Pte Ltd also holds a 68.05% stake in PT Bank Danamon Indonesia Tbk through the Asia Financial consortium, which is a subsidiary of Fullerton.
However, Fullerton added the company wanted to have clear tax obligations concerning the merger. Fullerton explained if the merger was considered unable to bring any benefit, the company could at any time sell its stake in BII.
Fullerton as the holder of the majority stake in BII had informed its plan to adjust the ownership structure-in the wake of the application of the single presence policy-to the central bank (BI).
One of Fullerton's preferred options is to merge BII and Bank Danamon once follow-up evaluations are completed and permissions from the related institutions issued. After the due diligence process is finished, Fullerton will be able to evaluate whether it should merge BII and Danamon or whether it should divest its stake in BII.
If selling its stake in BII is more profitable than merger, Fullerton will choose the former. The leader of Sorak Financial consortium stated it could at any time take necessary measures to facilitate the sales.
Once the authority gives its approval, Fullerton can implement the option chosen by the end of December 2010 as required in the single presence policy. BII is currently owned by Sorak Financial Holding Pte Ltd (55.89%), Citibank Singapore (6.04%), UBS AG London (6.57%), and the public (less than 5%). BII is the sixth largest bank in Indonesia and until September 2007 had booked IDR53.8 trillion in assets.
Temasek Holdings Pte Ltd also holds a 68.05% stake in PT Bank Danamon Indonesia Tbk through the Asia Financial consortium, which is a subsidiary of Fullerton.
However, Fullerton added the company wanted to have clear tax obligations concerning the merger. Fullerton explained if the merger was considered unable to bring any benefit, the company could at any time sell its stake in BII.
Sunday, December 2, 2007
Golden Agri shareholders take profit
Shareholders in Golden Agri Resources have raised a combined S$400.5 million ($277 million) from the sale of shares in the Indonesia-based crude palm oil producer.
The final deal size therefore was equal to the base size of 225 million shares.The shares were offered in a range between S$1.76 and S$1.85 and were priced at S$1.78 as the positive sentiment.
Golden Agri is an integrated plantation company and the producer of cooking oil of Filma and Kunci Mas.
The final deal size therefore was equal to the base size of 225 million shares.The shares were offered in a range between S$1.76 and S$1.85 and were priced at S$1.78 as the positive sentiment.
Golden Agri is an integrated plantation company and the producer of cooking oil of Filma and Kunci Mas.
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